Icra sends CEO Naresh Takkar on leave

Chennai: Credit rating agency Icra Limited, the local affiliate of Moody’s Investors Service, has said it has sent its managing director and chief executive, Naresh Takkar on leave, pending an enquiry into ‘anonymous’ allegations against the executive.

“Pending the completion of the examination of the concerns raised in the anonymous representation that was forwarded to the company by Sebi, the board decided to place Naresh Takkar on leave, effective immediately,” Icra said in a regulatory filing.

Chief financial officer Vipul Agarwal has been in the interim appointed the chief operating officer. Icra did not elaborate on the reasons behind Takkar’s temporary suspension.

The step is said to have been taken following an anonymous complaint, which alleged that there were lapses when Icra assigned a high rating of AAA to IL&FS last year.

Last September, IL&FS defaulted on its debt payments, triggering a liquidity crisis in the financial services market.

NT Bureau